Intrinsic value of Investment Technology Group - ITG

Previous Close

$20.44

  Intrinsic Value

$83.08

stock screener

  Rating & Target

str. buy

+306%

Previous close

$20.44

 
Intrinsic value

$83.08

 
Up/down potential

+306%

 
Rating

str. buy

Our model is not good at valuating stocks of financial companies, such as ITG.

We calculate the intrinsic value of ITG stock by summing up the current values of future distributable cash flows generated by the company and dividing the sum by the number of outstanding shares. As such, the intrinsic value calculation depends entirely on projections. The more accurate your projections of the company's performance are - the more reliable is the intrinsic value calculation result. Please make sure to check the stock valuation input data below and adjust it if necessary. The quality of the output (intrinsic valuation result) is only as good as the quality of the input. See also DISCLAIMERS.

STOCK VALUATION INPUT DATA

Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Shares outstanding, mln

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
2016(a)
   2017
   2018
   2019
   2020
   2021
   2022
   2023
   2024
   2025
   2026
   2027
   2028
   2029
   2030
   2031
   2032
   2033
   2034
   2035
   2036
   2037
   2038
   2039
   2040
   2041
   2042
   2043
   2044
   2045
   2046

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  -26.14
  10.60
  10.04
  9.54
  9.08
  8.67
  8.31
  7.98
  7.68
  7.41
  7.17
  6.95
  6.76
  6.58
  6.42
  6.28
  6.15
  6.04
  5.93
  5.84
  5.76
  5.68
  5.61
  5.55
  5.50
  5.45
  5.40
  5.36
  5.33
  5.29
  5.26
Revenue, $m
  469
  519
  571
  625
  682
  741
  803
  867
  933
  1,002
  1,074
  1,149
  1,227
  1,307
  1,391
  1,479
  1,570
  1,665
  1,763
  1,866
  1,974
  2,086
  2,203
  2,325
  2,453
  2,587
  2,726
  2,873
  3,026
  3,186
  3,353
Variable operating expenses, $m
 
  84
  92
  101
  110
  119
  129
  140
  150
  161
  173
  184
  196
  209
  222
  236
  251
  266
  282
  298
  316
  333
  352
  372
  392
  414
  436
  459
  484
  509
  536
Fixed operating expenses, $m
 
  431
  441
  452
  464
  475
  487
  499
  512
  525
  538
  551
  565
  579
  593
  608
  623
  639
  655
  671
  688
  705
  723
  741
  760
  779
  798
  818
  839
  859
  881
Total operating expenses, $m
  510
  515
  533
  553
  574
  594
  616
  639
  662
  686
  711
  735
  761
  788
  815
  844
  874
  905
  937
  969
  1,004
  1,038
  1,075
  1,113
  1,152
  1,193
  1,234
  1,277
  1,323
  1,368
  1,417
Operating income, $m
  -41
  4
  37
  72
  108
  146
  186
  228
  271
  317
  364
  414
  466
  519
  576
  634
  695
  759
  826
  897
  970
  1,047
  1,128
  1,212
  1,301
  1,395
  1,492
  1,595
  1,703
  1,817
  1,936
EBITDA, $m
  3
  31
  66
  104
  143
  184
  227
  272
  318
  367
  418
  471
  526
  584
  644
  707
  773
  842
  914
  989
  1,068
  1,150
  1,237
  1,327
  1,422
  1,522
  1,627
  1,737
  1,853
  1,974
  2,102
Interest expense (income), $m
  6
  0
  3
  5
  7
  10
  12
  15
  18
  21
  24
  27
  30
  34
  37
  41
  45
  49
  53
  57
  62
  66
  71
  77
  82
  88
  93
  99
  106
  113
  120
Earnings before tax, $m
  -43
  4
  35
  67
  101
  137
  174
  213
  253
  296
  340
  387
  435
  486
  538
  593
  651
  711
  773
  839
  908
  981
  1,056
  1,136
  1,219
  1,307
  1,399
  1,496
  1,597
  1,704
  1,817
Tax expense, $m
  -17
  1
  9
  18
  27
  37
  47
  57
  68
  80
  92
  105
  118
  131
  145
  160
  176
  192
  209
  227
  245
  265
  285
  307
  329
  353
  378
  404
  431
  460
  491
Net income, $m
  -26
  3
  25
  49
  74
  100
  127
  155
  185
  216
  248
  283
  318
  355
  393
  433
  475
  519
  565
  613
  663
  716
  771
  829
  890
  954
  1,021
  1,092
  1,166
  1,244
  1,326

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  278
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total assets, $m
  775
  549
  605
  662
  722
  785
  850
  918
  989
  1,062
  1,138
  1,217
  1,299
  1,385
  1,474
  1,567
  1,663
  1,763
  1,868
  1,977
  2,091
  2,210
  2,334
  2,463
  2,599
  2,740
  2,888
  3,043
  3,205
  3,375
  3,552
Adjusted assets (=assets-cash), $m
  497
  549
  605
  662
  722
  785
  850
  918
  989
  1,062
  1,138
  1,217
  1,299
  1,385
  1,474
  1,567
  1,663
  1,763
  1,868
  1,977
  2,091
  2,210
  2,334
  2,463
  2,599
  2,740
  2,888
  3,043
  3,205
  3,375
  3,552
Revenue / Adjusted assets
  0.944
  0.945
  0.944
  0.944
  0.945
  0.944
  0.945
  0.944
  0.943
  0.944
  0.944
  0.944
  0.945
  0.944
  0.944
  0.944
  0.944
  0.944
  0.944
  0.944
  0.944
  0.944
  0.944
  0.944
  0.944
  0.944
  0.944
  0.944
  0.944
  0.944
  0.944
Average production assets, $m
  116
  128
  141
  154
  168
  183
  198
  214
  231
  248
  265
  284
  303
  323
  344
  365
  388
  411
  436
  461
  488
  515
  544
  574
  606
  639
  673
  710
  747
  787
  828
Working capital, $m
  0
  -228
  -251
  -274
  -299
  -325
  -352
  -381
  -410
  -440
  -472
  -504
  -539
  -574
  -611
  -649
  -689
  -731
  -774
  -819
  -866
  -916
  -967
  -1,021
  -1,077
  -1,136
  -1,197
  -1,261
  -1,328
  -1,399
  -1,472
Total debt, $m
  79
  39
  72
  106
  142
  180
  219
  260
  302
  346
  392
  439
  489
  540
  593
  649
  707
  767
  830
  895
  964
  1,035
  1,109
  1,187
  1,268
  1,353
  1,442
  1,535
  1,632
  1,734
  1,840
Total liabilities, $m
  370
  330
  363
  397
  433
  471
  510
  551
  593
  637
  683
  730
  780
  831
  884
  940
  998
  1,058
  1,121
  1,186
  1,255
  1,326
  1,400
  1,478
  1,559
  1,644
  1,733
  1,826
  1,923
  2,025
  2,131
Total equity, $m
  405
  220
  242
  265
  289
  314
  340
  367
  395
  425
  455
  487
  520
  554
  590
  627
  665
  705
  747
  791
  836
  884
  933
  985
  1,039
  1,096
  1,155
  1,217
  1,282
  1,350
  1,421
Total liabilities and equity, $m
  775
  550
  605
  662
  722
  785
  850
  918
  988
  1,062
  1,138
  1,217
  1,300
  1,385
  1,474
  1,567
  1,663
  1,763
  1,868
  1,977
  2,091
  2,210
  2,333
  2,463
  2,598
  2,740
  2,888
  3,043
  3,205
  3,375
  3,552
Debt-to-equity ratio
  0.195
  0.180
  0.300
  0.400
  0.490
  0.570
  0.640
  0.710
  0.760
  0.810
  0.860
  0.900
  0.940
  0.970
  1.010
  1.040
  1.060
  1.090
  1.110
  1.130
  1.150
  1.170
  1.190
  1.200
  1.220
  1.230
  1.250
  1.260
  1.270
  1.280
  1.300
Adjusted equity ratio
  0.400
  0.400
  0.400
  0.400
  0.400
  0.400
  0.400
  0.400
  0.400
  0.400
  0.400
  0.400
  0.400
  0.400
  0.400
  0.400
  0.400
  0.400
  0.400
  0.400
  0.400
  0.400
  0.400
  0.400
  0.400
  0.400
  0.400
  0.400
  0.400
  0.400
  0.400

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  -26
  3
  25
  49
  74
  100
  127
  155
  185
  216
  248
  283
  318
  355
  393
  433
  475
  519
  565
  613
  663
  716
  771
  829
  890
  954
  1,021
  1,092
  1,166
  1,244
  1,326
Depreciation, amort., depletion, $m
  44
  27
  29
  32
  35
  38
  41
  44
  47
  51
  54
  57
  61
  65
  69
  73
  78
  82
  87
  92
  98
  103
  109
  115
  121
  128
  135
  142
  149
  157
  166
Funds from operations, $m
  43
  29
  54
  81
  108
  137
  168
  199
  232
  266
  302
  339
  378
  419
  462
  506
  552
  601
  652
  705
  761
  819
  880
  944
  1,011
  1,082
  1,156
  1,234
  1,316
  1,402
  1,492
Change in working capital, $m
  8
  -22
  -23
  -24
  -25
  -26
  -27
  -28
  -29
  -30
  -32
  -33
  -34
  -35
  -37
  -38
  -40
  -42
  -43
  -45
  -47
  -49
  -51
  -54
  -56
  -59
  -61
  -64
  -67
  -70
  -74
Cash from operations, $m
  35
  51
  77
  105
  133
  163
  195
  227
  261
  297
  334
  372
  413
  455
  499
  544
  592
  643
  695
  750
  808
  868
  931
  998
  1,067
  1,141
  1,217
  1,298
  1,383
  1,472
  1,565
Maintenance CAPEX, $m
  0
  -23
  -26
  -28
  -31
  -34
  -37
  -40
  -43
  -46
  -50
  -53
  -57
  -61
  -65
  -69
  -73
  -78
  -82
  -87
  -92
  -98
  -103
  -109
  -115
  -121
  -128
  -135
  -142
  -149
  -157
New CAPEX, $m
  -46
  -12
  -13
  -13
  -14
  -15
  -15
  -16
  -16
  -17
  -18
  -18
  -19
  -20
  -21
  -22
  -22
  -23
  -24
  -25
  -27
  -28
  -29
  -30
  -32
  -33
  -35
  -36
  -38
  -40
  -41
Cash from investing activities, $m
  -40
  -35
  -39
  -41
  -45
  -49
  -52
  -56
  -59
  -63
  -68
  -71
  -76
  -81
  -86
  -91
  -95
  -101
  -106
  -112
  -119
  -126
  -132
  -139
  -147
  -154
  -163
  -171
  -180
  -189
  -198
Free cash flow, $m
  -5
  16
  39
  63
  88
  115
  143
  172
  202
  234
  267
  301
  337
  374
  413
  454
  497
  542
  588
  638
  689
  743
  799
  859
  921
  986
  1,055
  1,127
  1,203
  1,283
  1,367
Issuance/(repayment) of debt, $m
  -16
  32
  33
  35
  36
  38
  39
  41
  42
  44
  46
  47
  49
  51
  53
  56
  58
  60
  63
  65
  68
  71
  74
  78
  81
  85
  89
  93
  97
  102
  107
Issuance/(repurchase) of shares, $m
  -18
  18
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash from financing (excl. dividends), $m  
  -41
  50
  33
  35
  36
  38
  39
  41
  42
  44
  46
  47
  49
  51
  53
  56
  58
  60
  63
  65
  68
  71
  74
  78
  81
  85
  89
  93
  97
  102
  107
Total cash flow (excl. dividends), $m
  -44
  66
  72
  98
  125
  153
  182
  213
  244
  278
  312
  348
  386
  425
  467
  510
  555
  602
  651
  703
  757
  814
  874
  936
  1,002
  1,071
  1,144
  1,220
  1,300
  1,385
  1,473
Retained Cash Flow (-), $m
  50
  -21
  -22
  -23
  -24
  -25
  -26
  -27
  -28
  -29
  -30
  -32
  -33
  -34
  -36
  -37
  -39
  -40
  -42
  -44
  -46
  -48
  -50
  -52
  -54
  -57
  -59
  -62
  -65
  -68
  -71
Prev. year cash balance distribution, $m
 
  206
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash flow adjustment, $m
 
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash available for distribution, $m
 
  251
  50
  75
  100
  128
  156
  185
  216
  248
  282
  317
  353
  391
  431
  473
  516
  562
  609
  659
  712
  767
  824
  885
  948
  1,015
  1,085
  1,158
  1,235
  1,317
  1,402
Discount rate, %
 
  4.30
  4.52
  4.74
  4.98
  5.23
  5.49
  5.76
  6.05
  6.35
  6.67
  7.00
  7.35
  7.72
  8.11
  8.51
  8.94
  9.39
  9.86
  10.35
  10.87
  11.41
  11.98
  12.58
  13.21
  13.87
  14.56
  15.29
  16.05
  16.86
  17.70
PV of cash for distribution, $m
 
  240
  46
  65
  83
  99
  113
  125
  135
  143
  148
  150
  151
  149
  145
  139
  131
  122
  112
  102
  90
  79
  68
  58
  48
  39
  32
  25
  19
  14
  11
Current shareholders' claim on cash, %
  100
  94.9
  94.9
  94.9
  94.9
  94.9
  94.9
  94.9
  94.9
  94.9
  94.9
  94.9
  94.9
  94.9
  94.9
  94.9
  94.9
  94.9
  94.9
  94.9
  94.9
  94.9
  94.9
  94.9
  94.9
  94.9
  94.9
  94.9
  94.9
  94.9
  94.9

Investment Technology Group, Inc. (ITG) is a financial technology company that helps brokers and asset managers improve returns for investors around the world. The Company operates through four segments: U.S. Operations, Canadian Operations, European Operations and Asia Pacific Operations. These four segments provide categories of products and services, such as Execution Services, Workflow Technology and Analytics. Execution Services includes self-directed trading using algorithms, smart routing and matching through POSIT in cash equities, futures and options trading and portfolio trading and high-touch trading desks providing execution expertise. Workflow Technology includes trade order and execution management software applications in addition to network connectivity. Analytics includes tools enabling portfolio managers and traders to improve pre-trade, real-time and post-trade execution performance; portfolio construction and optimization decisions, and securities valuation.

FINANCIAL RATIOS  of  Investment Technology Group (ITG)

Valuation Ratios
P/E Ratio -25.7
Price to Sales 1.4
Price to Book 1.6
Price to Tangible Book
Price to Cash Flow 19.1
Price to Free Cash Flow -60.6
Growth Rates
Sales Growth Rate -26.1%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 21.1%
Cap. Spend. - 3 Yr. Gr. Rate -3.9%
Financial Strength
Quick Ratio 4
Current Ratio NaN
LT Debt to Equity 1.7%
Total Debt to Equity 19.5%
Interest Coverage -6
Management Effectiveness
Return On Assets -1.8%
Ret/ On Assets - 3 Yr. Avg. 2.7%
Return On Total Capital -5%
Ret/ On T. Cap. - 3 Yr. Avg. 7.4%
Return On Equity -6%
Return On Equity - 3 Yr. Avg. 9.1%
Asset Turnover 0.4
Profitability Ratios
Gross Margin 68.7%
Gross Margin - 3 Yr. Avg. 73.8%
EBITDA Margin 1.5%
EBITDA Margin - 3 Yr. Avg. 16.4%
Operating Margin -8.7%
Oper. Margin - 3 Yr. Avg. 7.5%
Pre-Tax Margin -9.2%
Pre-Tax Margin - 3 Yr. Avg. 7.2%
Net Profit Margin -5.5%
Net Profit Margin - 3 Yr. Avg. 6%
Effective Tax Rate 39.5%
Eff/ Tax Rate - 3 Yr. Avg. 28.3%
Payout Ratio -34.6%

ITG stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the ITG stock intrinsic value calculation we used $469 million for the last fiscal year's total revenue generated by Investment Technology Group. The default revenue input number comes from 2016 income statement of Investment Technology Group. You may change it if you feel that it should be adjusted for some unusual circumstances that are not expected to be repeated in the future or if you already know (from interim financial statements, for example) that this year's revenue is going to be quite different.

Revenue growth rate. Forecasted future revenue growth rate is the most important input parameter for the intrinsic value calculation. Unlike other input parameters that are reasonably expected to be in line with their historic averages or their historic trends, the revenue growth rate by and large is a wild card: nobody really knows what the company's revenue will be in the future. Of course, the level of unpredictability is different for different industries (utility companies being the most predictable and, thus, less risky).
    We use three input parameters to forecast the revenue growth rate in our ITG stock valuation model: a) initial revenue growth rate of 10.6% whose default value is the revenue growth rate in the most recent quarter compared to the quarterly revenue a year ago; b) terminal revenue growth rate of 5% whose default value is chosen to be close to the average nominal (i.e. not adjusted for inflation) GDP growth rate; and c) revenue decline factor of 0.9, which stipulates that revenue growth rate in each forecasted year will be equal to the difference of the revenue growth rate in the preceding year and the terminal revenue growth rate multiplied by this revenue decline factor (with the passage of time the revenue growth rate will be approaching the terminal revenue growth rate, but not quite reaching it - though the difference could be infinitesimally small).
    At the revenue decline factor of 1, the future revenue growth rate is forecasted to be constant and equal to the initial revenue growth rate. The smaller the revenue decline factor, the faster the revenue growth rate will approach the terminal revenue growth.

Discount rate. The discount rate is used for determining the present value of future cash flows: future cash flows are "discounted" as at normal conditions (that translate into positive expected return on investment) one dollar today is worth more than the same dollar in the future. Unlike all other valuation models, we use variable discount rate, i.e. it increases for each consecutive year. This is done to account for higher risk of cash flows coming in further in the future.
    The initial discount rate of 4.3%, whose default value for ITG is calculated based on our internal credit rating of Investment Technology Group, is applied to the cash flow expected to be received a year from now (well, actually, to be precise, in the financial year following the base year - the last year for which we have financial statements). For each consecutive year the discount rate is multiplied by the discount rate multiplier of 1.05, e.i. each year it increases by 5%. Feel free to change this number to correspond to your level of risk assessment of Investment Technology Group.
    By the way, it is easy to set the discount rate to be constant (this would make comparison with other valuation models easier): just set the discount rate multiplier equal to 1 and chose the magnitude of the initial discount rate to your liking.

Variable cost ratio is the ratio of variable costs (i.e. costs that fluctuate with fluctuation of the volume of production) to the revenue expressed as a percentage. In the calculation of intrinsic value of ITG stock the variable cost ratio is equal to 16.2%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $420 million in the base year in the intrinsic value calculation for ITG stock. These expenses increase with the level of inflation in subsequent years.

Interest rate on debt is the average all-in rate of interest paid by the company on its debt. It is set at 6.9% for Investment Technology Group.

Corporate tax rate of 27% is the nominal tax rate for Investment Technology Group. In reality, companies find ways to pay much less taxes than that or not to pay them at all.

Cash flow adjustment could be used for any adjustment the investor deems necessary. Most commonly we use this field to account for stock options-related effects in excess of what is reported on the company's income statement. The cash flow adjustment is expressed as a percentage of the revenue, and in the current valuation of the ITG stock is equal to 0%.

Production assets are the company's assets used for manufacturing products or provision of services. In the valuation model input table they are expressed as a percentage of revenue and for ITG are equal to 24.7%.

Life of production assets of 2.9 years is the average useful life of capital assets used in Investment Technology Group operations. It is used to calculate yearly capital expenditures needed to keep these assets in good order - we call it the maintenance CAPEX.

Working capital is the difference between the company's current assets and liabilities. In the model we use the ratio of working capital to revenue, which for ITG is equal to -43.9%. A negative number means that the company is apt at using financial resources of its suppliers and customers; a large positive number, on the other hand, means that it either provides in-kind financing to others or is not good at managing its inventories.

Book value of equity - $405 million for Investment Technology Group - is used in calculation of the "floor" for intrinsic valuation based on the discounted cash flow (DCF) method. Even if the prospects are very bad for a company, its assets could always be sold now for their current fair market value.

Shares outstanding of 33.16 million for Investment Technology Group is needed to calculate the intrinsic value of one share.

Market capitalization is used here only for reference purposes and as a quick check that the share price and the number of shares outstanding numbers are correct - something especially to be cognizant about at stock splits. So, the market capitalization of Investment Technology Group at the current share price and the inputted number of shares is $0.7 billion.

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COMPANY NEWS

▶ ITG Reports Fourth Quarter 2017 Results   [06:59AM  GlobeNewswire]
▶ ITG to Announce Fourth Quarter 2017 Results   [Jan-11-18 04:15PM  GlobeNewswire]
▶ ITG Launches Enhanced Dark Aggregation Algorithm   [Dec-07-17 08:01AM  GlobeNewswire]
▶ ITG Declares Quarterly Dividend   [Nov-16-17 04:15PM  GlobeNewswire]
▶ ITG Releases October 2017 U.S. Trading Volume   [Nov-08-17 06:59AM  GlobeNewswire]
▶ Investment Technology reports 3Q loss   [07:29AM  Associated Press]
▶ ITG Reports Third Quarter 2017 Results   [06:59AM  GlobeNewswire]
▶ ITG to Announce Third Quarter 2017 Results   [Oct-16-17 04:15PM  GlobeNewswire]
▶ ITG Releases September 2017 U.S. Trading Volume   [Oct-09-17 06:59AM  GlobeNewswire]
▶ ITG Announces Partnership to Form Matrix Holding Group   [Sep-21-17 09:00AM  GlobeNewswire]
▶ ITG Releases August 2017 U.S. Trading Volume   [Sep-11-17 06:59AM  GlobeNewswire]
▶ ITG to Launch POSIT Auction in EMEA   [Sep-06-17 03:01AM  GlobeNewswire]
▶ ITG Declares Quarterly Dividend   [Aug-10-17 04:15PM  GlobeNewswire]
▶ ITG Releases July 2017 U.S. Trading Volume   [Aug-08-17 06:59AM  GlobeNewswire]
▶ Investment Technology posts 2Q profit   [Aug-02-17 09:41PM  Associated Press]
▶ ITG Reports Second Quarter 2017 Results   [06:59AM  GlobeNewswire]
▶ ITG Rolls Out New Triton Features Ahead of MiFID II   [Jul-24-17 07:58AM  GlobeNewswire]
▶ ITG Launches Fixed Income TCA   [Jul-17-17 07:01AM  GlobeNewswire]
▶ ITG to Announce Second Quarter 2017 Results   [Jul-13-17 04:15PM  GlobeNewswire]
▶ ITG Releases June 2017 U.S. Trading Volume   [Jul-11-17 06:59AM  GlobeNewswire]
▶ ITG Releases May 2017 U.S. Trading Volume   [06:59AM  GlobeNewswire]
▶ ITG Declares Quarterly Dividend   [May-18-17 04:15PM  GlobeNewswire]
▶ ITG Releases April 2017 U.S. Trading Volume   [May-08-17 06:59AM  GlobeNewswire]
▶ Investment Technology posts 1Q profit   [May-03-17 07:06AM  Associated Press]
▶ ITG Reports First Quarter 2017 Results   [06:58AM  GlobeNewswire]
▶ ITG Releases March 2017 U.S. Trading Volume   [Apr-10-17 06:59AM  GlobeNewswire]
▶ ITG to Announce First Quarter 2017 Results   [Apr-06-17 09:00AM  GlobeNewswire]
▶ ITG Declares Quarterly Dividend   [Feb-16-17 04:15PM  GlobeNewswire]
▶ ITG Reports Fourth Quarter 2016 Results   [06:59AM  GlobeNewswire]
▶ ITG Launches POSIT & POSIT Alert for Thailand   [Jan-24-17 07:59PM  GlobeNewswire]
▶ ITG to Announce Fourth Quarter 2016 Results   [08:00AM  GlobeNewswire]
▶ ITG to Announce Fourth Quarter 2016 Results   [Jan-17-17 04:15PM  GlobeNewswire]
▶ [$$] Brokerage Firm ITG Agrees to Pay $24 Million in SEC Settlement   [Jan-12-17 05:38PM  at The Wall Street Journal]
Financial statements of ITG
Valuation of Stocks

The paper VALUATION OF STOCKS: The Quest for Intrinsic Value provides a detailed description of our valuation model and discloses the calculation algorithm.

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